Bus 426 - Chapter 19

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Department
Business Administration
Course
BUS 426
Professor
Michael Favere- Marchesi
Semester
Fall

Description
Chapter 19 -Audit of the Inventory and Warehousing Cycle Nature of the Inventory and Warehousing Cycle  Inventory and Warehousing Cycle  Inventory is often the largest item  Inventory is often in different locations  Functions in the Cycle and Internal Controls  Process purchase orders (What inventory the company should get more of)  Receive new materials  Store raw materials  Process goods o Job Cost System: Costs are accumulated by individual jobs where material is used and labour costs are incurred o Process Cost System: Costs are accumulated for a process, with unit costs for each process assigned to the products passing through the process  Store finished goods  Perpetual inventory files o Perpetual Inventory Data Files: Contains recorded of inventory items purchased, used, sold and on hand for merchandise, raw materials and finished goods Audit of Inventory  Acquire and Record Raw Materials, Labour and Overhead  Transfer Assets and Costs  Ship Goods and Record Revenue and Costs  Physically Observe Inventory  Pri
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